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# DocuSign Accounts Receivable

: \$225 Mil (As of Jul. 2020)
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Accounts Receivable are created when a customer has received a product but has not yet paid for that product. DocuSign's accounts receivables for the quarter that ended in Jul. 2020 was \$225 Mil.

Accounts receivable can be measured by Days Sales Outstanding. DocuSign's Days Sales Outstanding for the quarter that ended in Jul. 2020 was 59.86.

In Ben Graham's calculation of Net-Net Working Capital, accounts receivable are only considered to be worth 75% of book value. DocuSign's Net-Net Working Capital per share for the quarter that ended in Jul. 2020 was \$-3.83.

## DocuSign Accounts Receivable Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

 DocuSign Annual Data Jan16 Jan17 Jan18 Jan19 Jan20 Accounts Receivable 78.27 95.67 123.75 174.55 237.84

 DocuSign Quarterly Data Jan16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Accounts Receivable 138.65 159.46 237.84 220.60 224.50

## DocuSign Accounts Receivable Calculation

Accounts Receivable is money owed to a business by customers and shown on its Balance Sheet as an asset.

## DocuSign Accounts Receivable Explanation

1. Accounts Receivable are created when a customer has received a product but has not yet paid for that product. Days Sales Outstanding measures of the average number of days that a company takes to collect revenue after a sale has been made. It is a financial ratio that illustrates how well a company's accounts receivables are being managed.

DocuSign's Days Sales Outstanding for the quarter that ended in Jul. 2020 is calculated as:

 Days Sales Outstanding = Accounts Receivable / Revenue * Days in Period = 224.502 / 342.209 * 91 = 59.86

2. In Ben Graham's calculation of Net-Net Working Capital (NNWC), DocuSign's accounts receivable are only considered to be worth 75% of book value:

DocuSign's Net-Net Working Capital Per Share for the quarter that ended in Jul. 2020 is calculated as:

 Net-Net Working Capital Per Share = (Cash And Cash Equivalents + 0.75 * Accounts Receivable + 0.5 * Total Inventories - Total Liabilities - Preferred Stock - Minority Interest) / Shares Outstanding (EOP) = (674.039 + 0.75 * 224.502 + 0.5 * 0 - 1551.419 - 0 - 0) / 185.137 = -3.83

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

Be Aware

Net receivables tells us a great deal about the different competitors in the same industry. In competitive industries, some attempt to gain advantage by offering better credit terms, causing increase in sales and receivables.

If company consistently shows lower % Net receivables to gross sales than competitors, then it usually has some kind of competitive advantage which requires further digging.

Average Days Sales Outstanding is a good indicator for measuring a company's sales channel and customers. A company may book great revenue and earnings growth but never receive payment from their customers. This may force a write-off in the future and depress future earnings.